Job growth slumps in September, but the unemployment rate hits the lowest level since 1969 The unemployment rate fell two-tenths of a percentage point to 3.7 percent, the lowest level since December 1969 and one-tenth of a percentage point below expectations.Nonfarm payrolls rose just 134,000, well below estimates of 185,000 and the worst performance since last September, when a labor strike weighed on the numbers.The closely watched average hourly earnings component showed a 2.8 percent year-over-year increase, in line with Wall Street estimates.August’s initial jobs count was revised up dramatically, from 201,000 to 270,000, while July’s numbers came up as well, from 147,000 to 165,000.